Adani Ports and SEZ to acquire Evos for €2.56 billion

Publicly listed Adani Ports and SEZ has said that it will acquire Dutch operator Evos B.V. and its subsidiaries from Igneo Infrastructure Partners, in a deal that will be financed through both equity and debt.

The equity value is €1.18 billion for 100 per cent stake and is subject to closing adjustments.

Evos operates a network of eight terminals across seven major ports in five European countries: the Netherlands, Belgium, Germany, Spain and Malta.

Its total storage capacity is 6.3 million cubic meters and it provides essential infrastructure for the storage, handling and transshipment of liquid products, including gasoline, gas oil, marine fuels and jet fuel, alongside transition fuels such as sustainable aviation fuel (SAF), biofuels, methanol and bioethanol.

“The platform comprises 452 tanks, 63 vessels and barge berths, and has several integrated pipeline connectivities (including Schiphol airport and the Central Europe Pipeline System),” APSEZ has said.

The European acquisition comes in a year defined by geopolitical volatility, particularly within maritime corridors like the Strait of Hormuz and Red Sea.

APSEZ, which posted revenues of ₹8,534 crore in financial year 2025-26 against a net profit of ₹1,792.80 crore, has ambition to build a diversified, integrated transport platform, and the acquisition aims to establish for the company a foothold in Europe, helping it to “scale and diversify the liquids portfolio and long-term transition toward new-age fuels”.

Evos has been owned by investment funds managed by Igneo since 2019, which is a team of the Sydney-based First Sentier Investors Group.

MUFG is the sole underwriter and has provided financing commitments for up to €2.8 billion for this transaction. Linklaters and Cyril Amarchand Mangaldas have acted as international and domestic legal counsel for APSEZ.